Pension Term Assurance (PTA) was a form of life insurance available within the United Kingdom. Although PTA had been available for several years, it only became mainstream when changes were made to pension legislation on "A Day", 6 April 2006. Following these changes, PTA became a popular way of buying life insurance, as the premiums received tax relief, effectively making life insurance cheaper for the consumer.
However, on 6 December 2006 the UK Government announced an important review of Pension Term Assurance (PTA). The Treasury indicated it was not happy with the PTA products on offer, and effectively stopped any more new PTA business being written. Those with existing policies were allowed to keep them running.
Despite what the name might suggest, Pension Term Assurance did not have to form part of a pension - it merely needed to be taken out at the same time as a new pension was set up.
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Insurance is a means of protection from financial loss. It is a form of risk management, primarily used to hedge against the risk of a contingent or uncertain loss.
An actuary is a business professional who deals with the measurement and management of risk and uncertainty. The name of the corresponding field is actuarial science. These risks can affect both sides of the balance sheet and require asset management, liability management, and valuation skills. Actuaries provide assessments of financial security systems, with a focus on their complexity, their mathematics, and their mechanisms.
Actuarial science is the discipline that applies mathematical and statistical methods to assess risk in insurance, finance, and other industries and professions. More generally, actuaries apply rigorous mathematics to model matters of uncertainty.
Life insurance is a contract between an insurance policy holder and an insurer or assurer, where the insurer promises to pay a designated beneficiary a sum of money in exchange for a premium, upon the death of an insured person. Depending on the contract, other events such as terminal illness or critical illness can also trigger payment. The policy holder typically pays a premium, either regularly or as one lump sum. Other expenses, such as funeral expenses, can also be included in the benefits.
Friends Provident was an organisation offering life insurance based in the London, England. It was founded as a mutual Friendly Society for Quakers, although it was demutualised in 2001 and became a publicly listed company, no longer linked with the Religious Society of Friends. On 29 March 2011 Friends Provident changed its trading name to Friends Life, although its registered name remains as Friends Provident.
Legal & General Group plc, commonly known as Legal & General, is a British multinational financial services and asset management company headquartered in London, England. Its products and services include investment management, lifetime mortgages, pensions, annuities, and life assurance. As of January 2020, it no longer provides general insurance following the sale of Legal & General Insurance to Allianz. It has operations in the United Kingdom and United States, with investment management businesses in the Gulf, Europe and Asia.
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Disability Insurance, often called DI or disability income insurance, or income protection, is a form of insurance that insures the beneficiary's earned income against the risk that a disability creates a barrier for completion of core work functions. For example, the worker may suffer from an inability to maintain composure in the case of psychological disorders or suffer an injury, illness or condition that causes physical impairment or incapacity to work. DI encompasses paid sick leave, short-term disability benefits (STD), and long-term disability benefits (LTD).
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General Accident plc was a large insurance business based in Perth, Scotland. It merged with Commercial Union in 1998 to form CGU plc.
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Irish Life Assurance plc, commonly known as Irish Life, is an Irish life assurance and pensions company. Irish Life has been part of the Great-West Lifeco group of companies since 2013, when the Irish Government sold the business. Prior to 2012, Irish Life was part of Permanent TSB.
ZEP-RE is a specialised institution of the Common Market for Eastern and Southern Africa (COMESA) created under charter. The Company is currently headquartered in Nairobi, Kenya.